US Senate to Vote on SEC Commissioner Crenshaw’s Crypto Stance  

• The Senate Banking Committee will decide on Caroline Crenshaw’s renomination on December 11.  
• Crenshaw opposed the approval of spot Bitcoin ETFs, calling the decision unsound.  
• Crypto advocates criticize her stance, with Trump considering a pro-crypto SEC chair replacement.  

The United States Senate Banking Committee is scheduled to vote on December 11 regarding the renomination of Securities and Exchange Commission (SEC) Commissioner Caroline Crenshaw. Known for her strong opposition to cryptocurrency-related developments, Crenshaw’s potential reappointment has sparked debate within the crypto industry.  

Crenshaw has been a commissioner at the SEC since August 2020. She has consistently voiced concerns over digital assets and their integration into the financial system during her tenure. 

Her dissent was notably highlighted in January 2024, when she opposed the approval of spot Bitcoin exchange-traded funds (ETFs). Following the approval of these ETFs, Crenshaw described the decision as lacking historical and financial grounding.  

Criticism from the cryptocurrency sector has been swift. Emilie Choi, President and COO of Coinbase, labeled Crenshaw as overtly “anti-crypto” in a December 7 statement. Alexander Grieve, Vice President of Government Affairs at Paradigm, referred to her renomination as a final move by Senate Banking Chair Sherrod Brown before his departure. 

Bloomberg ETF analyst James Seyffart further emphasized her strong anti-crypto position, contrasting it with the approach of other SEC commissioners.  

The renomination comes at a time of transition for the SEC, as Chair Gary Gensler is set to step down on January 20, 2025. President-elect Donald Trump has indicated he is considering appointing Paul Atkins as the next SEC Chair.

Atkins is known for his pro-crypto stance and in-depth knowledge of SEC operations. His potential appointment aligns with Trump’s promises to introduce a more crypto-friendly regulatory framework.  

Meanwhile, the SEC has faced criticism for its enforcement-driven approach to regulating the cryptocurrency sector. A coalition of seven states, led by Iowa Attorney General Brenna Bird, has filed an amicus brief challenging the SEC’s authority. The states argue that the agency’s actions constitute regulatory overreach, hindering innovation and exceeding its jurisdiction.  

The SEC’s latest legal actions include a lawsuit against Touzi Capital, accusing the firm of misleading investors about its crypto mining fund. As the agency prepares for leadership changes, its future approach to crypto regulation remains under intense scrutiny.